Cairo-based Arkan Developers said it will launch Jessy Hills project in 6th of October City, west Cairo, during the current year, with a total of 220 units at an estimated investment cost of EGP 250 mn, Invest-Gate reports.

Chairman of Arkan Emad Issa confirmed that the units’ sizes range between 150 and 250 square meters, revealing that the company will deliver the first phase of the project within the next two years, he said during a press conference on March 9.

The developer will also develop ten other projects in 6th of October City, Sheikh Zayed, and New Cairo, with a total of 100 residential units and investments of EGP 70 mn, he said.

Arkan intends to implement a variety of residential and educational projects during the current year, as part of the country’s Ebneha Initiative (Build it) – which was launched in 2017 to provide a number of affordably priced housing units at half cost for citizens.

So far, Arkan has implemented 20 projects under the initiative, with a total of 200 housing units and investments worth EGP 185 mn, pointing out that all units are provided at prices of about 40% less than the market price, Issa highlighted.

In addition, the company signed a cooperation protocol with a Canadian group to manage ten schools that will be implemented over a period of five to seven years with an estimated investment cost of EGP 2 bn, he noted.

Issa underlined the need for launching similar initiatives, in addition to the state’s support by providing lands at low prices. He further called on the government to tighten the supervision on prices of building materials and activate the role of regulatory bodies and consumer protection system to control the prices and combat the market manipulation.

Egypt’s real estate market is in a state of stagnation due to the large supply of housing units, as well as, the government’s participation in the market as a developer alongside the private sector, Issa elaborated, expecting the market to improve in 2019.